Description

Akhil Mittal and Pratika Sharma announce open offer to acquire 26% of Ramchandra Leasing and Finance Limited at ₹2.36 per share

Summary

Mr. Akhil Mittal and Ms. Pratika Sharma have announced an open offer to acquire 2,11,02,120 equity shares representing 26% of the emerging voting share capital of Ramchandra Leasing and Finance Limited. The offer is made at ₹2.26 per share plus applicable interest of ₹0.10, totaling ₹2.36 per equity share, payable in cash. This mandatory open offer is triggered under SEBI (SAST) Regulations 2011.

Key Points

  • Acquirers: Mr. Akhil Mittal and Ms. Pratika Sharma
  • Target: Ramchandra Leasing and Finance Limited (CIN: L65910GJ1993PLC018912)
  • Offer size: 2,11,02,120 equity shares (26% of emerging voting share capital)
  • Offer price: ₹2.36 per share (including ₹2.26 base price + ₹0.10 interest)
  • Payment mode: Cash
  • Offer is unconditional and not subject to minimum acceptance level

Regulatory Changes

No regulatory changes announced. This is a standard open offer made in compliance with SEBI (SAST) Regulations 2011, specifically under Regulations 3(1) & 4.

Compliance Requirements

  • Public shareholders of Ramchandra Leasing and Finance Limited need to review the Letter of Offer
  • Shareholders willing to tender shares must submit Form of Acceptance-cum-acknowledgement
  • Recent sellers should hand over the Letter of Offer to the stock exchange member through whom the sale was effected
  • No statutory approvals currently required except as mentioned in the Letter of Offer

Important Dates

  • Acquisition window opening date: To be determined based on tendering period
  • Any upward revision in offer price/size must be announced at least one working day before commencement of tendering period

Impact Assessment

This open offer represents a significant change in ownership structure of Ramchandra Leasing and Finance Limited. The acquisition of 26% stake will likely result in change of control or substantial influence over the company’s operations. Public shareholders have an exit opportunity at the offered price of ₹2.36 per share. The offer being unconditional ensures certainty of completion regardless of acceptance levels.

Impact Justification

Significant stake acquisition triggering mandatory open offer under SEBI takeover regulations